The stock market faced a significant drop as the Sensex fell by 900 points, going below 63,200. Nifty50 also went below 18,900 for the first time since June 28.
This resulted in a big loss for investors, amounting to Rs 5.8 lakh crore. The total value of listed companies on BSE dropped to Rs 303.44 lakh crore. This decline was due to global worries about US Treasury yields and the ongoing Middle East conflict.
The market is particularly concerned about the Israel-Hamas situation. Additionally, high US bond yields are contributing to market instability, causing Foreign Portfolio Investors (FPIs) to consider selling. Oil prices are also being closely monitored, with Brent crude surpassing $90 per barrel after Israel's announcement of potential military action in Gaza.